UBS downgraded Chevron to 'neutral' from 'buy'

UBS downgraded the stock mainly on valuation.

"Our downgrade reflects the share reaching near our price target and reflecting our 2021 scenario of an oil price recovery to $47.50/bbl. This comes after outstanding share price performance in context – shares are down only 22% YTD versus global major peers down an average 38% (12 month comparison 22% vs.41%) and Brent down ~55%. This speaks to the leading reputation for capital discipline and the highly resilient, yet flexible financial model that CVX is running."

Bank of America said in its downgrade of the stock that the company's focus on "margin resilience" is coming at the "expense of innovation."

"Tools and Storage has been a tremendous growth story for the last decade since the Stanley Black and Decker merger a decade ago. The business was already headed for a fairly material deceleration prior to COVID-19. While point of sales data has apparently rebounded in April, we see room for the power tool market to get more competitive and promotional in the next few years with a weaker consumer and softer housing market."